what is the CIP as of 2021?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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8 what is the CIP as of 2021?
Transcribed Image Text:Serum Corporation entered into a long term project in 2020 and continued
through 2021. Serum presently has available dependable and reliable
estimates. As of 2021, Serum billed 2/5 of the total contract price. Some
other information about the project were as follows:
2020
2021
446,250
116,250
435,000
1,260,000
(183,750)
1,837,500
1,312,500
Construction cost to date
Excess of CIP over CB - due from (to)
Contract Billings to date
Collections from the contract
405,000|
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